Ingles Markets Files 8-K on Financials

TL;DR

INGLES MARKETS (IMKTA) filed an 8-K on Oct 28th, expect financial updates soon.

AI Summary

Ingles Markets, Inc. filed an 8-K on October 29, 2024, reporting results of operations and financial condition as of October 28, 2024. The filing also includes information on material impairments, Regulation FD disclosures, and financial statements and exhibits. No specific financial figures or material events were detailed in the provided excerpt.

Why It Matters

This filing provides an update on Ingles Markets' financial performance and condition, which is crucial for investors to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard disclosure and does not indicate any immediate or significant negative events.

Key Players & Entities

• INGLES MARKETS INC (company) — Registrant
• North Carolina (jurisdiction) — State of incorporation
• October 28, 2024 (date) — Date of earliest event reported
• October 29, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $0.05 — hich registered Class A Common Stock , $0.05 par value per share IMKTA The NASDAQ
• $35.0 — that it will record a charge of between $35.0 to $55.0 million, before the applicatio
• $55.0 m — ill record a charge of between $35.0 to $55.0 million, before the application of any in
• $10.0 — ny currently expects that approximately $10.0 to $15.0 million of the loss will be re
• $15.0 million — tly expects that approximately $10.0 to $15.0 million of the loss will be reimbursed by insur

Filing Documents

• imkta20241029_8k.htm (8-K) — 32KB
• ex_739634.htm (EX-99.1) — 9KB
• 0001437749-24-032481.txt ( ) — 176KB
• imkta-20241028.xsd (EX-101.SCH) — 3KB
• imkta-20241028_def.xml (EX-101.DEF) — 11KB
• imkta-20241028_lab.xml (EX-101.LAB) — 15KB
• imkta-20241028_pre.xml (EX-101.PRE) — 11KB
• imkta20241029_8k_htm.xml (XML) — 3KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On October 29, 2024, Ingles Markets, Incorporated, a North Carolina corporation (the " Company ", " we ", " us " or " our "), issued a press release announcing certain preliminary financial information with respect to its fiscal quarter and year ended September 28, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference in this Item 2.02.

06. Material Impairments

Item 2.06. Material Impairments. On October 28, 2024, the Company determined that, as a result of the impact of Hurricane Helene, which caused record flooding and devastation to western North Carolina and the surrounding areas, the Company would be required to record a material charge for impairment under U.S. generally accepted accounting principles. Currently, the Company estimates that it will record a charge of between $35.0 to $55.0 million, before the application of any insurance recovery, due to the loss of inventory and property. The Company currently expects that approximately $10.0 to $15.0 million of the loss will be reimbursed by insurance, which would reduce the amount of the impairment charge. This impairment charge will be reflected in the Company's results of operation for the year ended September 28, 2024. Due to the complexity and preliminary nature of the information currently available to us, the ultimate financial impact may differ materially from our current estimates contained in this Item 2.06 of this Current Report on Form 8-K. The Company cannot currently estimate in good faith the amount or range of amounts of the impairment charge that will result in future cash expenditures. In accordance with Item 2.06 of Form 8-K, the Company will file an amendment to this Current Report on Form 8-K after it makes a determination of such an estimate or range of estimates. Cautionary Note Regarding Forward-Looking Statements This Current Report on Form 8-K includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as "anticipate," "aim," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potenti

01. Regulation FD Disclsoure

Item 7.01. Regulation FD Disclsoure. The information contained in Item 2.02 of this Current Report on Form 8-K is incorporated by reference in this Item 7.01. The information contained in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the " Exchange Act "), or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, except to the extent expressly stated in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description of Exhibit 99.1 Press Release, dated October 29, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INGLES MARKETS, INCORPORATED (Registrant) Date: October 29, 2024 By: /s/ Patricia E. Jackson Patricia E. Jackson Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR